Al Mazaya introduces a revolutionary concept with Sky Gardens Residential Tower at DIFC

Dubai, November 29, 2005 – Al-Mazaya Real Estate FZ/LLC (Mazaya), part of the Kuwait-based shareholding Al Mazaya Holding Company, has officially launched its Half-billion Dirham project, Sky Gardens, at the Dubai International Financial Center (DIFC). Mazaya has officially appointed Arabtec as the main contractor for the Sky Gardens project, and construction works commenced in March 2005.

Owned by First Dubai For Real Estate Development, the Sky Gardens development is being managed by Al Mazaya Holding Company and its partners. It is a residential development located very close to the Dubai International Financial Exchange (DIFX) as well as the Dubai Financial Market (DFM), placing it at the heart of Dubai’s booming economy.

"The DIFC is an exciting location because there is a lot of activity and energy at the world’s newest financial exchange, and of course it is home to numerous investment banks and financial institutions. Developing Sky Gardens at DIFC was a conscious choice by Mazaya. We wanted to address the needs of not only home buyers, but also investors who are doing business at the DIFX," commented Mr. Fathi Damiri, Asst. VP – Dubai Projects, Al Mazaya Real Estate FZ/LLC.

One out of very few residential towers at DIFC, Sky Gardens is a modern home, 43-level icon of contemporary minimalist style, based around the concept of "Living Reinvented". Five exquisite natural gardens punctuate the ascending floors, with their distinct character, lighting, design and planting. The 38-high, Square Garden, offers the crowning glory - a rooftop masterpiece of light and nature, a green beacon visible across the sky.

The residential tower also features a shopping boulevard, gymnasium, swimming pools with Jacuzzi and a rooftop garden surrounded by seven prestigious penthouses. Unlike other metal box towers on Sheikh Zayed Road, Sky Gardens is characterized by a more natural look that can be sensed from the naturally looking fins along the external façade coupled with the internal elevated natural gardens throughout the building’s elevation.

"Sky Gardens is a revolutionary concept in Dubai. It incorporates the modern image that we see around the city and adds the elements of nature to the living space. The elevated gardens found in Sky Gardens implements a distinct character and style, be it Japanese rock garden or a classical English garden with rose bushes," stated Mr. Damiri.

Sky Gardens offers studios, one, two and three bedroom apartments along with luxurious Penthouse units overlooking The Gate Boulevard on a freehold basis. Prices start from AED 905,000.

Currently residential units are being offered for sale in Sky Gardens, and the process of registering interest for the retail spaces is under progress. The project includes a shopping boulevard which will feature retail shops, restaurants and cafes.

"We are assessing the right strategy to take in respect to retail space. We are looking at providing quality services to the residents at Sky Gardens, and the vendors being considered for the venture will be in a position to provide not only auxiliary services to the residents, but also contribute towards creating a self-sufficient community," further added Mr. Damiri.

Al-Mazaya Real Estate FZ/LLC, a subsidiary of the Kuwaiti Al Mazaya Holding Co., is working in the field of real estate development, which involves the purchase, ownership and development of land in Kuwait, UAE and the rest of the GCC. Al-Mazaya's role in the Sky Gardens project is to manage the project’s development from all aspects and throughout all phases from the design stage up to the construction until handover, offering various services proving a wide range of capabilities such as project management, marketing management and sales administration.

The company is currently managing multiples of other projects in UAE at the Jumeirah Lake Towers, The Villa project, Dubai Health Care City and others.

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